Fannie Mae-No Politics (FNMA)

[GreenWizard]

Yes, following news is the final outcome of the dead bill follow-up.

Dead as a Door Nail: Johnson-Crapo Passes Committee. But it’s Dead. Really.

By Charles Wisniowski

[e-mail]

The Senate Banking Committee Thursday voted 13 to 9 to report out a revised version of the Johnson-Crapo housing finance reform legislation, but the bill is considered a dead horse and likely will never make it to the Senate floor because of weak support.

Though the measure cleared committee with one more than the minimum 12 votes required, an affirmative vote of at least 16 of the 22 members of the panel had been seen as the benchmark needed to cajole Senate Majority Leader Harry Reid, D-NV, to carve time out of the shrinking legislative calendar for a floor vote.

Committee Chairman Tim Johnson, D-SD, and Ranking Member Mike Crapo, R-ID, released their initial draft in March, which built upon the bill submitted last year by Sens. Bob Corker, R-TN, and Mark Warner, D-VA.

The Independent Community Bankers of America released a statement, noting that the banking industry “remains concerned with how the legislation would work in the real-world marketplace and whether it would cause further market concentration of the housing-finance system into a few of the largest financial institutions.”

Industry trade group officials anticipate that no meaningful progress will be made on housing and GSE reform legislation until 2017, after a new president and Congress are elected. For a more detailed analysis on GSE reform, see the Friday edition of Inside The GSEs.